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Oslo, 21 March 2025, Notification of trade

Geveran Trading Co. Ltd ("Geveran") has today, 21 March 2025, acquired 325,000 shares in DOF Group ASA (the "Company"). Following the acquisition, Geveran owns 24,631,335 shares in the Company which represents a total of 10.0014 % of the Company's issued shares and voting rights (based on 246,278,655 shares issued by the Company).

This disclosure is made pursuant to section 4-2 of the Norwegian Securities Trading Act and is subject to the disclosure requirement pursuant to section 5-12 of the Norwegian Securities Trading Act.

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DOF Group ASA(“DOF”) is pleased to announce that an extension to the PLSV Skandi Buzios’ long-term contract has been signed with Petrobras.

The existing contract has been extended from April 2025 to September 2026. The Skandi Buzios PLSV is owned and operated by the JV DOF - TechnipFMC.

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For further information, please contact:

Eirik Vardøy,Investor Relations DOF Group ASA

Phone: +47 94 83 6464

DOF Group ASA (“DOF”) is pleased to announce the award for a SURF project in the Atlantic region from an undisclosed energy company. The contract is defined as Very Large, excluding any variation works.

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DOF shall under this contract deliver its full suite of project management, engineering, logistical and execution services to install flexible flowlines, risers, cables and associated subsea structures. DOF shall also install a floating production unit on behalf of the client.

The project shall be executed across DOF's offices in Aberdeen and Bergen, and preparations is already well underway. Offshore execution is planned in second half of 2025 and is expected to involve six DOF vessels and more than 450 vessel days. The area of execution is Africa.  

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Mons Aase, CEO DOF Group ASA, said:

"This contract further demonstrates the confidence energy companies have in DOF to fast-track, manage and execute large-scale marine operations for the installation of critical production infrastructure. We are delighted with this award and eagerly anticipate the opportunity to deliver on this project."

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DOF defines a Very Large contract as a contract with value between USD 100 million and 200 million.

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For further information, please contact:

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Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

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The DOF Group (“DOF”) is pleased to announce the signing of a USD 1,025 million senior secured term loan facility (the “Term Loan”) with a syndicate of ten banks and a USD 50 million revolving credit facility (the “RCF”). The facilities will be used to repay existing debt and for general corporate purposes.

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Highlights from the refinancing:

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• Enables commencement of the previously communicated quarterly dividends, starting with the contemplated USD 0.3 per share in Q2 of 2025.
• Simplifies group structure by collapsing several of the financial silos – DOF Offshore Holding AS to become the holding company for vessel-owning entities across the group, except for vessels owned in DOF Subsea Brasil, Norskan and the DOFCON joint venture (50% owned) ("DOFCON JV").
• Allows for a more efficient capital structure.
• Norskan and DOFCON JV to remain as separate financial silos with existing financing at favourable terms.
• The interest margin for the Term Loan and RCF will be 290 bps for the first twelve months. The margin will thereafter be subject to the Company’s leverage as measured through NIBD / LTM EBITDA (the “Leverage Ratio”), with the following margins for given thresholds: 325 bps for a Leverage Ratio exceeding 2.5x, 290bps for a Leverage Ratio between 2.5x and 2.0x, and 275bps for a Leverage Ratio below 2.0x.
• The Term Loan has a five-year tenor and seven-year repayment profile.
• The facilities agreement includes an undrawn, uncommitted basket amount of USD 200m for incremental facilities for specified purposes.
• The main covenants applicable under the facility agreement is maximum Leverage Ratio of 3.25x until year end 2026 and 3.0x thereafter, positive working capital and minimum liquidity (excluding Norskan, DOFCON JV and other ringfenced subsidiaries) of the higher of USD 125 million or 5% of interest-bearing debt.
• Dividend distributions from DOF Group ASA permitted subject to minimum liquidity (excluding Norskan, DOFCON JV and other ringfenced subsidiaries) of USD 150 million.
• Change of control clause triggered if anyone other than A.P Møller Holding A/S (“APMH”) exceeds 1/3 ownership in DOF, or if APMH ownership in DOF is at any time in the next 36 months reduced below 20%.

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Availability of the new financing is conditional upon satisfaction of customary conditions. Mons Aase, CEO DOF Group ASA, commented:

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“We appreciate the support from our existing and new banks in connection with this refinancing. This loan demonstrates access to competitive funding and is a testament to the strong market position within offshore and subsea services the team at DOF has built.”

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This information is considered to be inside information pursuant to the EU, Market Abuse Regulation and is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act. The information was submitted for publication by Martin Lundberg, CFO, on 18 March 2025 at 19:52.

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For further information, please contact:

Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

DOF Group ASA (“DOF”) is pleased to confirm thea ward for an FPSO installation project from an undisclosed client in theA tlantic region.  

DOF shall deliver project management, engineering, logistical services and offshore execution. To carry out the installation duties, DOF shall utilize two of its AHTS (Anchor Handling Tug Supply) vessels. The project is scheduled for execution in Q2, 2025 in Africa.

The contract value is Significant, which DOF defines as a contract with value between USD 15 million and 25 million.

For further information, please contact:

Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

DOF Group ASA's (“DOF” or the “Group”) revenue for 4th quarter (management reporting) totals USD 445 million (USD 319 million) and EBITDA totals USD 152 million (USD 115 million). The operating profit (EBIT) is USD 190 million (USD 196 million) including reversal of impairment of USD 98 million (USD 128 million). Net financial costs amount to USD -111 million (USD 15 million) including unrealised currency loss of USD -67 million (gain USD 37 million). The result after taxes is USD 96 million (USD 250 million). The Group’s net interest-bearing debt is USD 1,378 million (USD 1,365 million). The equity is USD 1,772 million (USD 1,034 million) giving an equity ratio of 43% (34%).

Key highlights in 4th quarter:
• DOF Denmark transaction closed November 1st.
• The Group delivered EBITDA of USD 519 million excluding DOF Denmark and gain on sale of assets, against a guidance range of USD 510-520 million at the latest quarterly presentation.
• EBITDA contribution from the subsea regions in 2024 totaling at USD 134 million, compared to USD 88 million in 2023.
• Strong cash flow from operating activities of USD 201 million (USD 90 million) in the quarter.  
• The NIBD/LTM EBITDA by year-end excluding DOF Denmark it is 2.1x (2.8x)
• The refinancing of the Group is on schedule to successfully close in Q1 2025 allowing quarterly dividend distribution.
• First dividend payment in Q2 2025 of USD 0.3 per share.
• The board will at the annual general meeting seek authority to implement a share buy-back program.
• Firm backlog by end December is USD 3.25 billion (USD 1.94 billion), including backlog for DOF Denmark of USD 730 million.
Note: all numbers commented above are based on management reporting and include DOF Denmark unless otherwise specified.

Statement from the CEO

“Closing of the DOF Denmark transaction during Q4 marks a significant milestone in DOF’s history. Not only do we add 22 high-end vessels to the DOF fleet, but also the competence and experience of new colleagues. Together we will benefit from increased scale, capabilities and reach and continue to deliver world-class offshore and subsea services.

The 4th quarter of 2024 is another quarter of solid performance, and the full-year EBITDA of USD 519 million excluding DOF Denmark and gain on sale of assets ends at the upper end of our guidance. The good result is driven by excellent performance across segments, including a particularly strong EBITDA contribution from the subsea regions of USD 134 million for the full year. DOF Denmark saw some one-off effects related to transits and vessel upgrades that will partly continue into the first half of 2025 before we will be able to fully enjoy the potential of the new additions to the DOF fleet going forward.

I am further pleased to see that the overall backlog and contract coverage in 2025 is strong, and that we continue to build backlog at attractive terms thanks to our world-class organisation with global placing power. The tender activity remains high, as seen in Brazil with multiple ongoing tenders and in general a high activity level among many of our clients.  

The refinancing process progress as planned, and we remain confident to conclude it during the 1st quarter of 2025 allowing us to start dividend payments.

The EBITDA guidance for 2025 is in the range of USD 720 – 800 million.”

Please see enclosed 4th quarter Financial Report 2024 and presentation.
>>> DOF Group ASA Q4 2024 Financial Report (PDF)

A webcast, followed by a Q&A session, will be available Monday, 24th of February at 14:00 CET on www.dof.com/webcast.

Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64
E-mail: eirik.vardoy@dof.com

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DOF Group ASA (“DOF”) is pleased to announce two contracts for two subsea construction projects for two international oil companies in the Gulf of Mexico. Skandi Implementer, which recently departed Mexico following contract termination after payment default from a client, will be deployed for the projects. Total expected duration for the projects is approximately two months in total.

The vessel will complete the integration of survey services and two of DOF’s ROVs in late February before starting the project mobilization.

Mons Aase, CEO DOF Group ASA, said “We are pleased to be able to quickly secure work for Skandi Implementer following the recent contract termination. Beyond contributing with asset utilization and backlog, these contract awards represent advancing another of our I-class vessels into our subsea project business in line with our plan to add subsea service scopes to our most recent additions to the fleet through the DOF Denmark transaction.”

For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

DOF Group ASA will present its Q4 2024 results on Monday 24th of February 2025 at 14:00 CET. The report will be available at www.dof.com and www.newsweb.no.

The presentation will be digital only and will be available on https://www.dof.com/webcast, and a recording of the presentation will be published on the same webpage after the event.

The presentation will be held by CEO Mons S. Aase and CFO Martin Lundberg.

For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA. Phone: +47 948 36 464

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DOF Group ASA (“DOF”) is pleased to announce two subsea contract awards for offshore execution in 2025 in the APAC region.

The first of the recent subsea service contracts secured in the APAC region will utilise the DSV Skandi Singapore with related saturation diving services to be executed in Malaysian waters. The vessel will be engaged on the contract for an expected 30 days commencing Q2 2025.

The second contract award, for construction support services in Indonesia, will utilise one of the region’s multipurpose vessels for offshore execution in Q3 2025 with an expected duration of seven weeks.  

Both contracted scopes include DOF’s in-house project management and engineering, related subsea and logistics support.

Mons Aase, CEO DOF Group ASA, said: “These contract awards secure backlog for the APAC region with an estimated combined value of over USD 30m.”

For further information, please contact:
Eirik Vardøy, Investor Relations DOF Group ASA
Phone: +47 94 83 64 64

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